Waystar Holding Corp. Earnings Per Share Disclosure
| Years ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Basic income/(loss) per share: | ||||||||||||||||||||
| Net income/(loss) | $ | 112,089 | $ | (19,125) | $ | (51,334) | ||||||||||||||
| Net income/(loss) attributable to common shares | $ | 112,089 | $ | (19,125) | $ | (51,334) | ||||||||||||||
| Weighted average common stock outstanding–(voting) | 177,926,745 | 149,915,839 | 121,238,629 | |||||||||||||||||
| Weighted average common stock outstanding–(non-voting) | — | — | 436,801 | |||||||||||||||||
| Basic weighted average common stock outstanding | 177,926,745 | 149,915,839 | 121,675,430 | |||||||||||||||||
| Basic income/(loss) per share | $ | 0.63 | $ | (0.13) | $ | (0.42) | ||||||||||||||
| Diluted income/(loss) per share: | ||||||||||||||||||||
| Net income/(loss) | $ | 112,089 | $ | (19,125) | $ | (51,334) | ||||||||||||||
| Net income/(loss) attributable to common shares | $ | 112,089 | $ | (19,125) | $ | (51,334) | ||||||||||||||
| Dilutive effect of stock options – (voting) | 5,846,245 | — | — | |||||||||||||||||
| Dilutive effect of RSUs – (voting) | 1,003,061 | — | — | |||||||||||||||||
| Dilutive effect of ESPP – (voting) | 7,233 | — | — | |||||||||||||||||
| Weighted average common stock outstanding–(voting) | 184,783,284 | 149,915,839 | 121,238,629 | |||||||||||||||||
| Weighted average common stock outstanding–(non-voting) | — | — | 436,801 | |||||||||||||||||
| Diluted weighted average common stock outstanding | 184,783,285 | 149,915,839 | 121,675,430 | |||||||||||||||||
| Diluted income/(loss) per share | $ | 0.61 | $ | (0.13) | $ | (0.42) | ||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.